Only around one in three new CEOs feel fully prepared to take on the top job, reports Bloomberg citing Egon Zehnder’s study: “The CEO: A Personal Reflection.” According to the survey of 402 CEOs in 11 countries, many new chief executives, especially if promoted from within, feel overwhelmed and unprepared. “Oftentimes, the board’s review of talent focus on compensation and on performance, but less much on the development and psychology of the executives,” notes Dick Patton, Leader of Egon Zehnder’s global CEO search activities. Around half of new CEOs struggle to find time for reflection and to drive culture change. These trends are confirmed by the figures: average CEO tenure between 2007 and 2017 was just four years. The fact that CEOs are increasingly expected to respond fast to social issues makes the job even tougher, adds Patton.
A detailed overview of the study’s results is available here
Full story: Jeff Green: “Most CEOs Are Overwhelmed, Say Job Is Harder Than Expected” in Bloomberg (17 April 2018).